The Abilene reflector. [volume] (Abilene, Kan.) 1883-1888, 1887-02-10
SECRETARY: MANNING.

The Head ofthe Treasury Department. En-
| liehtens Congress as 20 Certain OF His
Views in Regard to Necessary Liquidation
to Preserve Ous Financial Equilibrium
WASHINGTON, Feb. 2.--Secretary Man
/ ming yesterday sent a long communic2-
| ton to Speaker Carlisle in reply to q re-
1 cent resolution of the House of Represen-
tatives respecting reissue of treasury
notes and the destruction of United States
notes. etc. The first of these resolutions
| inquired whether any money appropriated
in the Sundry Civil bill or any other gov
eminent money had been expended for the
purpose of issuing treasury notes OF large
| denominations, in lieu of notes of small
denominations cancelled or retired Sec
rotary Manning, after observing that he
finds no authority TO reissue treasury
notes. says that II a more patient scrutiny
of the statutes at large disciOses
| such authority he could not,
except under fresh instructions
from Congress, conceive it duty to ex-
pend money for such purpose; and then
he adds that none of the appropriation re-
ferred TO, nor any other money belonging
| to the Government has been expended for
| such purposes. The secretary then goes
into long argument in favor Of paying
the grcenback debt and a repeal Of the
Compulsory Silver Purchase bill. He
says:
THAT another species of our outstand
| ing Indebtedness. namely, the legal ten
| ders or greenbacks, known in law as
United States notes,a are equally with what
| the law designates as treasury notes be-
yond any need or excuse for reissue; that
temporary notes which are a debt OF
principal and interest, should at once be
| cashed and cancelled from abundant and
superfiuous coin on hand not now capable
of being applied to any other use-this is
so obvious principle of sound finance,
such as a prudent citizen would apply to
his private affairs, that any Secretary of
the Treasury would be subject to
| just reproach for departure therefrom
| by reissues, were it not that the
act of May 81, 1878, seems to require of him
that fiscal misstep. And l beg leave to
submit to the House the question whether,
among many other reasons for its repeal,
the contraction of the currency sought to
be averted by that act can not in any
other and better way be prevented than
by it's repeal. The fact that the $34665l,-
DIG of greenback debt is a greenback
currency, is 40 far from being a reason
against its payment that it is reason
which makes its payment and destruc-
ton necessary-not without better
currency to take its place; but
such currency is at hand. But,
| also, a contraction of the currency
should be avoided. The substitution of
better currency for the Greenbacks runs
| no hazard Of contraction. But the consc-
| auen ces Of not using our coin surplus
thus are serious. For in currency of
some sort with the years taxes paid, and
the xcess of receipts over the authorized
disburs ements of the treasury would be
the N easure of the contraction of the
currency. This contraction can be avoided
by appropriations for an eXtravagant and
reckless outpour of expense like that OF
war. 1t can also be avoided by the pay
ment of debt The first remedy need not
be discussed; it is of course the remedy
of the most unworthy of the peoples
representatives. The second rem edy is
all that remains"
''What debt, then, shall we pay!' the
secretary asks, and goes on to argue that
it would be an ineXcusablc extravaganza
to diminish the bonded debt not yet due
by anticipatory purchase, at high
premium, when, under the operations of
the Sinking Fund law, every dollar Of the
National debt green backs and all. can be
ment of funded debt at high premium,
the secretary says:
''While successfully getting out of the
treasury the currency tax surplus. and so
preventing contraction in that form, is
that method, nevertheless, which would
contract the currency in another form by
too suddenly diminishing National bank
circulation based on the funded debt. 1t
is therefore necessary now, not only to
reduce taxation in order to prevent
surplus tax collecting from being currency
contracting again and again, but 1t is
necessary also to employ our present and
unavoidable tax surplus in the payment
not of funded, but of the unfunded debt.
Great extravaganza orneedless expense or
serious monetary trouble can both be SO
avoided. The peoples representatives, by
action before adjournment, can relieve the
Secretary of the Treasury from a bad
choice between these now present altern-
atives. This surplus coin and bullion
which will remain in the treasury after
all the DO nds subject TO call have
been paid, and before the the Fiftieth
Congress will assemble, together with the
proceeds of surplus taxation which will
flow into the treasury before any possible
reduction of taxes by the present Con-
greSS can take enect, constitute sum
which can we'll be got out of the treasury
into the hands of the people, where it be-
longs, by the payment of the greenback
debt. Coin certificates are a ready and
superior paper money to the gree
The su ostitution can be effected as a mere
matter of treasury administration when
ever two indispensable conditions are first
fulfilled by Congress. The repeal of the
compulsory silver purchases is the first
indispensable condition, and the repeal of
the compulsory host of redemption reis-
sues of United States notes is the next
and only other condition"
These two repeats are together neces-
sary, the Secretary insists, to prevent on
the one hand an extravagant expense, or
on the other hand considerable contrac-
ton of the currency.
Replying to the other resolutions of in
quiry about the cancellation of 81 and 81
notes, the Secretary presents tables show
ing that since August 4. 1886, there has
been a decrease bv destruction of 8, $751;
957 of ones and So, 937, OS2 of twos, and an
increase of So, OO0, 900 in tives and s., OO0,-
600 in ten dollar notes.
Complimentary Reception to General Fair
child.
CONCORD, N h, Feb. General Fair
in of he